3 archives found in "Blog"

I think you all know that correspondent banks are required to meet specific regulatory obligations while maintaining their correspondent relationships, as well as meet general compliance obligations to report suspicious activity, prevent money laundering, and comply with economic sanctions. A [...]

My banker told me that, in theory, managing his relationship with regulators and respondent banks is straightforward. Then he paused and said, “Actually, about as straightforward as explaining quantum physics to a five-year old.” And he’s right. Both understanding quantum physics and [...]

Correspondent banking is like jamming your big toe on a door jam. It hurts but you still have to keep moving. Banks continue to have highly visible and damaging correspondent banking failures but they still have to deal with cross-border payments, whether they have the financial crime controls in [...]